Furthermore, nearly 4 in 10 said they would be less likely to recommend a company to others if an app experience was not up to scratch and 27% said a bad app experience would put that company in a negative light.

"An engaging and personalized user experience has become the new weapon in the battle to attract and retain millennial customers," says Suhas Uliyar, VP Mobile Strategy and Product Management at Oracle. "Businesses that cannot add value for customers with a more convenient, functional, and relevant mobile experience have little chance of coming out on top."

Almost three-quarters of Millennials (73%) like the ability to purchase a company's product or service using a mobile app. Likewise, 71% like being able to manage billing for services, and 65% like being able to flag issues or complaints to a business via a mobile app.

What Millennials don't like are unsolicited communications in the form of push-notifications irrelevant to the user's needs, cited by 56%.

"Organizations will need to provide app-based services that deftly tread the line between helpfulness and overbearingness if they want to tap into young peoples' affinity for using mobile and tablet apps without alienating them," said Uliyar.